Shock and Awe: Pre-Approved Credit Card Comes With 79% APR

First Premier Bank, whose website is obsessively littered with videos of its CEO Dana Dykhouse, is now offering a pre-approved MasterCard that comes with an outrageous yearly interest rate: 79 percent.

NBC San Diego: Gordon Hageman couldn’t believe the credit card offer he got in the mail.

"My first thought, it was a mistake," Hageman said.

The wine distributor called the number on the offer, gave them the offer code and verified his information. Sure enough, it was right: the pre-approved credit card came with a 79.9 percent APR.

Though Gordon acknowledges his credit "isn't perfect," 79 percent interest is out of this world. At least it takes the heat off Citi, which has been jacking up rates to 29.99% for most customers.